Posted in: Comics, Current News | Tagged: diamond, Dren
Dren Productions has stopped sending its comics to Diamond Comic Distributors until they get paid
Michael Dolce of comic book publisher Dren Productions saw the recent news we reported about Dynamite pushing to get half a million dollars in payment from Diamond Comic Distributors for recently shipped titles. This should have been covered by the DIP funding during Chapter 11 bankruptcy, and Dynamite was trying to claim it as an administrative expense rather than money owed by the bankruptcy process.
Michael Dolce tells me that his own company has similar issues, as well as launching a direct-to-retailer option, but has chosen a new solution. He tells me, “Dren is also owed payments (a small sum comparatively), and we aren’t going to ship next month’s books until it’s squared away. Basically, after the layoffs, we received no notification on who our rep is, and it’s likely our accounts payable person was laid off. They did respond to an inquiry from us on Wednesday but have yet to give us any info on when/if we’re getting paid. Do with that info what you will.”
We will, Michael. Dren Productions and its imprint Dren After Dark put out generally fun, schlocky fantasy and sci-fi series with just a touch of sexploitation, with titles such as Alien Armageddon: 1944, Flesh Eating Cheerleaders: 1969, AXA Classics, Plan 79 from Outer Space, Christine, Dungeons And Dimwits, Tales Of The Bizarre and The Sire. But they are expanding, and recently Dren Productions got the license to publish Smokey Bear comic books in partnership with the US Forest Service in a new series of comic books for kids.
You can use these Diamond, Ad Populum, Penguin Random House and bankruptcy tags to keep up with the latest on Bleeding Cool. Here’s a timeline if you want to catch up…
- On the announcement of Chapter 11 on the 14th of January, Diamond started a 13-week bankruptcy process run by financial firm Raymond James, got financing to operate, and announced an auction for its assets.
- Those assets included Diamond Comic Distribution, Alliance Gaming Distribution, Diamond Select Toys, CGA and Diamond UK
- Universal Distribution was named the Stalking Horse bidder for Alliance Games and Diamond UK, which required a purchase commitment of thirty-nine million dollars, but with certain discounts and privileges for taking that position.
- The auction took place, and it went late. There was food and breakfast billed for.
- And Alliance Entertainment, or AENT, was named the top bidder for the assets of $72,245,000, though not for Diamond UK. This was widely announced, including by Diamond themselves.
- Then we learned that a joint bid by Universal Distribution and Ad Populum came second and was named the back-up bid, with a bid of $69,130,000. With Universal getting Alliance and Diamond UK, and Ad Populum getting Diamond Comics, Diamond Select Toys and everything else. Basic Fun was third with fifty million.
- A court hearing with the Honorable Judge Rice in Courtroom 9-D at the United States Bankruptcy Court for the District of Maryland at 10 am was intended to ensure the legality of the bid and the process.
- But instead, over that weekend, the debtors declared that they had chosen the back-up bid from Universal and Ad Populum instead of AENT, despite AENT having bid more. No reason was given.
- AENT filed a lawsuit regarding this decision.
- It took the bankruptcy court to reverse that decision and state that AENT, with the higher bid, had won, though they would have to withdraw their lawsuit.
- AENT has terminated their winning bid and purchase.
- Universal Distribution and Ad Populum were back in the running
- Diamond declared “business as usual” but the courts threatened Chapter 7 over late paperwork.
- AENT sued Diamond, claiming fraud
- Diamond says it’s all in hand and went back to court, wanting to be owned by Universal and Ad Populum.
- Sale of Diamond to Universal and Ad Populum was approved by the courts.
- Though Ad Populum paid more than we thought.
- Podcast blamed/credited with the current state of affairs
- Diamond tells Skyrush to stop claiming they won CGA.
- As part of court filings, Diamond released details for every comic store on account.
- We have some finality.
- Ad Populum and Universal Distribution officially acquire Diamond and related assets.
- The layoffs have begun.
- And continue.
- Diamond Select Toys has closed
- Diamond try and reassure retailers over ComicSuite
- Courts withdraw Chapter 7 bankruptcy threat
- We look at the future of Diamond Previews again
- PRH pulls out of Diamond entirely
- Well, not entirely, the UK can stay.
- Hermes Press says Diamond doesn’t want to distribute their comics anymore… or anyone’s.
- But Diamond pushes back on that, as they publish a new Previews.
- And they assure comic book stores that everything is going to be fine. Honest.
- Then send a letter to publishers which looks like it isn’t
- Now they are looking for more money and longer to pay it back.
- Dynamite would like half a million now, please.
- Udon and Manga Classic have now cancelled all Diamond orders.
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